| Segments and Geographic Information |
19. SEGMENTS AND GEOGRAPHIC INFORMATION The Company identifies its reportable segments based on a management approach as described in ASC 280 Segment Reporting, together with additional factors such as nature of products or services, customer types, and certain economic characteristics of the underlying business. Our Chief Operating Decision Maker ("CODM") is our CEO, Gregory Roberts. Our CODM uses segment net income or loss before provision for income taxes to allocate resources to our segments in our annual planning process and to assess the performance of our segments, primarily by monitoring actual results versus the annual plan. Our operating segments are not evaluated using asset information. The Company's operations are organized under four business segments (i) Wholesale Sales & Ancillary Services, (ii) Direct-to-Consumer, (iii) Minting & Refining, and (iv) Secured Lending. The Wholesale Sales & Ancillary Services segment includes the consolidating eliminations of inter-segment transactions and unallocated segment adjustments. In fiscal year 2027, the Company began separately presenting its Minting & Refining segment; in fiscal year 2026 and prior, the Company's Minting & Refining operations were included within its Wholesale Sales & Ancillary Services segment. The amounts have not been recast because the amounts are not significant. See Note 1 for a description of the types of products and services from which each reportable segment derives its revenues. Revenue
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Revenue by segment (1) |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
2,896,578 |
|
|
|
$ |
3,509,209 |
|
|
Eliminations of inter-segment sales |
|
|
|
(590,403 |
) |
|
|
|
(692,338 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations (2) |
|
|
|
2,306,175 |
|
|
|
|
2,816,871 |
|
|
Direct-to-Consumer |
|
|
|
950,097 |
|
(a) |
|
|
863,895 |
|
(b) |
Minting & Refining |
|
|
|
8,997 |
|
|
|
|
— |
|
|
|
|
|
$ |
3,265,269 |
|
|
|
$ |
3,680,766 |
|
|
(1)The Secured Lending segment earns interest income from its lending activity and has no precious metals sales. Therefore, no amounts are shown for the Secured Lending segment in the above table. (2)The eliminations of inter-segment sales are reflected in the Wholesale Sales & Ancillary Services segment. (a)Includes $26.6 million of inter-segment sales. (b)Includes $44.9 million of inter-segment sales.
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Revenue by geographic region |
|
|
|
|
|
|
|
|
|
United States |
|
|
$ |
2,034,305 |
|
|
|
$ |
1,343,925 |
|
|
Europe |
|
|
|
486,944 |
|
|
|
|
1,772,196 |
|
|
Canada |
|
|
|
638,178 |
|
|
|
|
473,065 |
|
|
Asia Pacific |
|
|
|
99,387 |
|
|
|
|
85,993 |
|
|
Africa |
|
|
|
76 |
|
|
|
|
- |
|
|
Australia |
|
|
|
6,320 |
|
|
|
|
5,425 |
|
|
South America |
|
|
|
59 |
|
|
|
|
162 |
|
|
|
|
|
$ |
3,265,269 |
|
|
|
$ |
3,680,766 |
|
|
Cost of Sales
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Cost of sales by segment(1) |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
2,867,822 |
|
|
|
$ |
3,487,730 |
|
|
Eliminations and adjustments |
|
|
|
(588,167 |
) |
|
|
|
(692,101 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
|
2,279,655 |
|
|
|
|
2,795,629 |
|
|
Direct-to-Consumer, net of eliminations |
|
|
|
887,573 |
|
|
|
|
812,240 |
|
|
Minting & Refining, net of eliminations |
|
|
|
8,424 |
|
|
|
|
— |
|
|
|
|
|
$ |
3,175,652 |
|
|
|
$ |
3,607,869 |
|
|
(1)The Secured Lending segment earns interest income from its lending activity and has no cost of sales of precious metals. Therefore, no amounts are shown for the Secured Lending segment in the above table. Gross Profit and Gross Margin Percentage
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Gross profit by segment(1) |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
28,756 |
|
|
|
$ |
21,479 |
|
|
Eliminations and adjustments |
|
|
|
(2,236 |
) |
|
|
|
(237 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
|
26,520 |
|
|
|
|
21,242 |
|
|
Direct-to-Consumer, net of eliminations |
|
|
|
62,524 |
|
|
|
|
51,655 |
|
|
Minting & Refining, net of eliminations |
|
|
|
573 |
|
|
|
|
— |
|
|
|
|
|
$ |
89,617 |
|
|
|
$ |
72,897 |
|
|
Gross margin percentage by segment |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
|
0.993 |
% |
|
|
|
0.612 |
% |
|
Wholesale Sales & Ancillary Services, net of eliminations and adjustments |
|
|
|
1.150 |
% |
|
|
|
0.754 |
% |
|
Direct-to-Consumer |
|
|
|
6.581 |
% |
|
|
|
5.979 |
% |
|
Minting & Refining |
|
|
|
6.369 |
% |
|
|
|
— |
|
|
Consolidated gross margin percentage |
|
|
|
2.745 |
% |
|
|
|
1.980 |
% |
|
(1)The Secured Lending segment earns interest income from its lending activity and has no precious metals sales. Therefore, no amounts are shown for the Secured Lending segment in the above table. Operating Income and (Expenses)
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Operating income (expenses) by segment |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
(29,787 |
) |
|
|
$ |
(32,090 |
) |
|
Eliminations |
|
|
|
(43 |
) |
|
|
|
(67 |
) |
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
$ |
(29,830 |
) |
|
|
$ |
(32,157 |
) |
|
|
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
|
$ |
(23,437 |
) |
|
|
$ |
(22,059 |
) |
|
Depreciation and amortization expense |
|
|
|
(1,376 |
) |
|
|
|
(1,626 |
) |
|
Interest income |
|
|
|
2,557 |
|
|
|
|
3,006 |
|
|
Interest expense |
|
|
|
(7,276 |
) |
|
|
|
(10,808 |
) |
|
Earnings (losses) from equity method investments |
|
|
|
445 |
|
|
|
|
(944 |
) |
|
Other expense, net |
|
|
|
(688 |
) |
|
|
|
(67 |
) |
|
Gains (losses) on foreign exchange |
|
|
|
(55 |
) |
|
|
|
341 |
|
|
|
|
|
$ |
(29,830 |
) |
|
|
$ |
(32,157 |
) |
|
Direct-to-Consumer |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
|
$ |
(45,231 |
) |
|
|
$ |
(37,465 |
) |
|
Depreciation and amortization expense |
|
|
|
(6,871 |
) |
|
|
|
(5,957 |
) |
|
Interest income |
|
|
|
733 |
|
|
|
|
21 |
|
|
Interest expense |
|
|
|
(3,473 |
) |
|
|
|
(422 |
) |
|
Other income, net |
|
|
|
— |
|
|
|
|
2,300 |
|
|
Losses on foreign exchange |
|
|
|
(774 |
) |
|
|
|
(440 |
) |
|
|
|
|
$ |
(55,616 |
) |
|
|
$ |
(41,963 |
) |
|
Minting & Refining |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
|
$ |
(2,292 |
) |
|
|
$ |
— |
|
|
Depreciation and amortization expense |
|
|
|
(827 |
) |
|
|
|
— |
|
|
Interest income |
|
|
|
38 |
|
|
|
|
— |
|
|
Interest expense |
|
|
|
(100 |
) |
|
|
|
— |
|
|
|
|
|
$ |
(3,181 |
) |
|
|
$ |
— |
|
|
Secured Lending |
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses |
|
|
$ |
(218 |
) |
|
|
$ |
(298 |
) |
|
Interest income |
|
|
|
2,985 |
|
|
|
|
2,544 |
|
|
Interest expense |
|
|
|
(1,626 |
) |
|
|
|
(1,370 |
) |
|
Earnings from equity method investments |
|
|
|
37 |
|
|
|
|
36 |
|
|
|
|
|
$ |
1,178 |
|
|
|
$ |
912 |
|
|
Net Income (Loss) Before Provision for Income Taxes
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Net income (loss) before provision for income taxes by segment |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
(3,310 |
) |
|
|
$ |
(10,915 |
) |
|
Direct-to-Consumer |
|
|
|
6,908 |
|
|
|
|
9,692 |
|
|
Minting & Refining |
|
|
|
(2,608 |
) |
|
|
|
— |
|
|
Secured Lending |
|
|
|
1,178 |
|
|
|
|
912 |
|
|
|
|
|
$ |
2,168 |
|
|
|
$ |
(311 |
) |
|
Advertising Expense
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Advertising expense by segment |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
(2,174 |
) |
|
|
$ |
(1,922 |
) |
|
Direct-to-Consumer |
|
|
|
(9,455 |
) |
|
|
|
(7,867 |
) |
|
Minting & Refining |
|
|
|
(21 |
) |
|
|
|
— |
|
|
Secured Lending |
|
|
|
(104 |
) |
|
|
|
(53 |
) |
|
|
|
|
$ |
(11,754 |
) |
|
|
$ |
(9,842 |
) |
|
Capital Expenditures for Long-Lived Assets
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
Three Months Ended September 30, |
|
|
|
2026 |
|
|
|
2025 |
|
|
Capital expenditures for long-lived assets by segment |
|
|
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
|
$ |
(2,168 |
) |
|
|
$ |
(1,326 |
) |
|
Direct-to-Consumer |
|
|
|
(5,777 |
) |
|
|
|
(648 |
) |
|
Minting & Refining |
|
|
|
(642 |
) |
|
|
|
— |
|
|
|
|
|
$ |
(8,587 |
) |
|
|
$ |
(1,974 |
) |
|
Inventories
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Inventories by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
1,295,310 |
|
|
|
$ |
1,315,020 |
|
Direct-to-Consumer |
|
|
1,126,600 |
|
|
|
|
1,045,316 |
|
Minting & Refining |
|
|
14,270 |
|
|
|
|
— |
|
|
|
$ |
2,436,180 |
|
|
|
$ |
2,360,336 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Inventories by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
2,264,412 |
|
|
|
$ |
2,129,326 |
|
Canada |
|
|
70,607 |
|
|
|
|
117,478 |
|
Europe |
|
|
28,940 |
|
|
|
|
48,615 |
|
Asia |
|
|
72,221 |
|
|
|
|
64,917 |
|
|
|
$ |
2,436,180 |
|
|
|
$ |
2,360,336 |
|
Total Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Total assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services (1) |
|
$ |
1,868,125 |
|
|
|
$ |
2,519,971 |
|
Eliminations |
|
|
(307,488 |
) |
|
|
|
(330,596 |
) |
Wholesale Sales & Ancillary Services, net of eliminations |
|
|
1,560,637 |
|
|
|
|
2,189,375 |
|
Direct-to-Consumer |
|
|
1,977,504 |
|
|
|
|
1,829,485 |
|
Minting & Refining |
|
|
90,900 |
|
|
|
|
— |
|
Secured Lending |
|
|
112,215 |
|
|
|
|
118,059 |
|
|
|
$ |
3,741,256 |
|
|
|
$ |
4,136,919 |
|
(1)Our equity method investments are primarily recorded within our Wholesale Sales & Ancillary Services segment.
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Total assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
3,336,201 |
|
|
|
$ |
3,704,253 |
|
North America, excluding United States |
|
|
225,495 |
|
|
|
|
240,521 |
|
Europe |
|
|
29,063 |
|
|
|
|
50,594 |
|
Asia |
|
|
150,497 |
|
|
|
|
141,551 |
|
|
|
$ |
3,741,256 |
|
|
|
$ |
4,136,919 |
|
Long-term Assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Long-term assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
92,966 |
|
|
|
$ |
160,456 |
|
Direct-to-Consumer |
|
|
385,145 |
|
|
|
|
369,786 |
|
Minting & Refining |
|
|
57,199 |
|
|
|
|
— |
|
Secured Lending |
|
|
— |
|
|
|
|
2,326 |
|
|
|
$ |
535,310 |
|
|
|
$ |
532,568 |
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Long-term assets by geographic region |
|
|
|
|
|
|
|
United States |
|
$ |
402,974 |
|
|
|
$ |
400,131 |
|
North America, excluding United States |
|
|
98,382 |
|
|
|
|
99,755 |
|
Asia |
|
|
33,954 |
|
|
|
|
32,681 |
|
|
|
$ |
535,310 |
|
|
|
$ |
532,568 |
|
Goodwill
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Goodwill by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
24,369 |
|
|
|
$ |
45,106 |
|
Direct-to-Consumer(1) |
|
|
216,214 |
|
|
|
|
205,697 |
|
Minting & Refining |
|
|
10,220 |
|
|
|
|
— |
|
|
|
$ |
250,803 |
|
|
|
$ |
250,803 |
|
(1)Direct-to-Consumer segment’s goodwill balance is net of $1.4 million accumulated impairment losses. Intangible assets
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
|
June 30, 2026 |
|
Intangible assets by segment |
|
|
|
|
|
|
|
Wholesale Sales & Ancillary Services |
|
$ |
12,779 |
|
|
|
$ |
23,997 |
|
Direct-to-Consumer(1) |
|
|
124,336 |
|
|
|
|
122,321 |
|
Minting & Refining |
|
|
7,402 |
|
|
|
|
— |
|
|
|
$ |
144,517 |
|
|
|
$ |
146,318 |
|
(1)Direct-to-Consumer segment’s intangible asset balance is net of $1.3 million accumulated impairment losses. |